YES BANK Conducts e-auction for Forest Produce

YES BANK’s

Nagpur : YES BANK recently conducted the first ever e-auction of forest produce in Dhanora MahaSangh in Maharashtra, something it will now aim to replicate in other states. As part of the auction, YES BANK and its Fintech partner Sparsh Technologies have provided end-to-end complete auction suite, coupled with closely knit banking channels to Dhanora Mahasangh, formed under Government of India’s PESA Act by 64 villages in Gadchiroli district, Maharashtra.

The expected throughput is about Rs 40 crore per annum. For farmers, this brings in greater transparency and eliminates the middle man or cartels, ensuring that they get a better rate for their produce.
The YES BANK e-auction has enabled a successful plug-n-play solution at the grassroots of this district, enabling the solution to go live in a shorter Time-to-Market period; Absence of location constraints; Integrated online payment option for bidders.

YES BANK launched the e-auction as part of its continued efforts under the larger ‘TECH FOR CHANGE’ initiative, wherein the bank collaborates with large, mid-size corporates and government bodies on holistic tech based solutions for operational excellence.

Way Forward

Maharashtra’s Gadchiroli district has approximately 84 MahaSanghs which are expected to implement the success model of Dhanora where they shall sell the forest produce comprising of Tendu Patta, Bamboo and Mahua commodities. YES BANK will continue to support the community, and work with Maharashtra, as well as other state governments to increase efficiency of the agricultural sector of the country.

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